PACARBEL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
PACARBEL
NACE 17.220, Manufacture of paper and paper products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€66,936
2024 · €91,486-€158,422
Equity
€1.7m
2024 · €1.9m-€267,154
Cash
€284,143
2024 · €196,869+€87,274
Balance sheet total
€2.9m
2024 · €3.1m-€226,401
Largest movements
Assets
- Stocks and contracts -€205,058
down €205,058 (-11.4%), from €1.8m to €1.6m
- Receivables within one year -€148,393
down €148,393 (-14.1%), from €1.1m to €903,086
of which Trade receivables: -€147,230
- Cash +€87,274
up €87,274 (+44.3%), from €196,869 to €284,143
mainly Stocks and contracts (+€205,058) and Receivables within one year (+€148,393)
Equity and liabilities
- Reserves -€267,000
down €267,000 (-14.9%), from €1.8m to €1.5m
of which Distributable reserves: -€267,000
- Other debts +€53,947
up €53,947 (+20.0%), from €270,341 to €324,289
Income statement
- Gross operating margin -€343,577
down €343,577 (-17.5%), from €2.0m to €1.6m
- Staff costs -€70,728
down €70,728 (-3.9%), from €1.8m to €1.7m
- Write-downs -€67,083
down €67,083, from €3,553 to -€63,530
- Taxes -€50,982
down €50,982 (-99.3%), from €51,362 to €380
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€91,486
Gross operating margin
-€343,577
Staff costs
+€70,728
Depreciation
-€7,315
Write-downs
+€67,083
Provisions
-€3,701
Other operating charges
-€4,025
Other operating items
+€7,500
Financial income
-€4,706
Financial charges
+€8,608
Taxes
+€50,982
Result 2025
-€66,936
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€373,477
Investment
-€70,550
Financing
-€215,653
Cash 2024
€196,869
From operations (derived)
+€373,477
Net result for the year
-€66,936
Depreciation
+€24,124
Stocks and contracts
+€205,058
Receivables within one year
+€148,393
Deferred charges and accrued income
+€6,649
Trade debts
-€7,207
Tax, wage and social debts
+€9,448
Other debts
+€53,947
Investment (derived)
-€70,550
Investment in fixed assets (net)
-€70,550
Financing
-€215,653
Debts after one year
+€6,314
Current portion of long-term debt
+€1,148
Short-term financial debts
-€22,896
Contributions, distributions and other
-€200,219
Cash 2025
€284,143
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,129,476 | €2,903,075 | -€226,401 | -7.2% |
| Fixed assets | 21/28 | €65,731 | €112,157 | +€46,426 | +70.6% |
| Intangible fixed assets | 21 | €880 | €21,302 | +€20,422 | +2321.2% |
| Tangible fixed assets | 22/27 | €63,778 | €89,782 | +€26,004 | +40.8% |
| Plant, machinery and equipment | 23 | €37,190 | €69,249 | +€32,059 | +86.2% |
| Furniture and vehicles | 24 | €8,448 | €6,498 | -€1,950 | -23.1% |
| Other tangible fixed assets | 26 | €18,140 | €14,036 | -€4,105 | -22.6% |
| Financial fixed assets | 28 | €1,073 | €1,073 | = | 0.0% |
| Current assets | 29/58 | €3,063,745 | €2,790,918 | -€272,827 | -8.9% |
| Stocks and contracts in progress | 3 | €1,795,675 | €1,590,617 | -€205,058 | -11.4% |
| Stocks | 30/36 | €1,795,675 | €1,590,617 | -€205,058 | -11.4% |
| Amounts receivable within one year | 40/41 | €1,051,479 | €903,086 | -€148,393 | -14.1% |
| Trade receivables | 40 | €974,733 | €827,503 | -€147,230 | -15.1% |
| Other amounts receivable | 41 | €76,746 | €75,583 | -€1,163 | -1.5% |
| Cash at bank and in hand | 54/58 | €196,869 | €284,143 | +€87,274 | +44.3% |
| Deferred charges and accrued income | 490/1 | €19,722 | €13,073 | -€6,649 | -33.7% |
| Total equity and liabilities | 10/49 | €3,129,476 | €2,903,075 | -€226,401 | -7.2% |
| Equity | 10/15 | €1,935,663 | €1,668,509 | -€267,154 | -13.8% |
| Contributions | 10/11 | €146,572 | €146,572 | = | 0.0% |
| Capital | 10 | €146,572 | €146,572 | = | 0.0% |
| Issued capital | 100 | €146,572 | €146,572 | = | 0.0% |
| Reserves | 13 | €1,788,503 | €1,521,503 | -€267,000 | -14.9% |
| Non-distributable reserves | 130/1 | €14,657 | €14,657 | = | 0.0% |
| Legal reserve | 130 | €14,657 | €14,657 | = | 0.0% |
| Tax-exempt reserves | 132 | €634,846 | €634,846 | = | 0.0% |
| Distributable reserves | 133 | €1,139,000 | €872,000 | -€267,000 | -23.4% |
| Profit (loss) carried forward | 14 | €370 | €435 | +€64 | +17.4% |
| Investment grants | 15 | €219 | - | -€219 | |
| Amounts payable | 17/49 | €1,193,813 | €1,234,566 | +€40,754 | +3.4% |
| Amounts payable after more than one year | 17 | €13,084 | €19,397 | +€6,314 | +48.3% |
| Financial debts | 170/4 | €13,084 | €19,397 | +€6,314 | +48.3% |
| Amounts payable within one year | 42/48 | €1,180,729 | €1,215,169 | +€34,440 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €138,717 | €139,865 | +€1,148 | +0.8% |
| Financial debts | 43 | €63,261 | €40,365 | -€22,896 | -36.2% |
| Credit institutions | 430/8 | €63,261 | €40,365 | -€22,896 | -36.2% |
| Trade debts | 44 | €524,497 | €517,290 | -€7,207 | -1.4% |
| Suppliers | 440/4 | €524,497 | €517,290 | -€7,207 | -1.4% |
| Taxes, remuneration and social security | 45 | €183,912 | €193,360 | +€9,448 | +5.1% |
| Taxes | 450/3 | €1,362 | €1,742 | +€380 | +27.9% |
| Remuneration and social security | 454/9 | €182,550 | €191,618 | +€9,068 | +5.0% |
| Other amounts payable | 47/48 | €270,341 | €324,289 | +€53,947 | +20.0% |
| Remuneration, social security and pensions | 62 | €1,804,986 | €1,734,257 | -€70,728 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,809 | €24,124 | +€7,315 | +43.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,553 | -€63,530 | -€67,083 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,701 | - | +€3,701 | |
| Other operating charges | 640/8 | €9,408 | €13,433 | +€4,025 | +42.8% |
| Non-recurring operating charges | 66A | €7,500 | - | -€7,500 | |
| Gross operating margin | 9900 | €1,964,964 | €1,621,387 | -€343,577 | -17.5% |
| Operating profit (loss) | 9901 | €126,410 | -€86,897 | -€213,307 | |
| Financial income | 75/76B | €54,764 | €50,058 | -€4,706 | -8.6% |
| Recurring financial income | 75 | €54,764 | €50,058 | -€4,706 | -8.6% |
| Financial charges | 65/66B | €38,325 | €29,717 | -€8,608 | -22.5% |
| Recurring financial charges | 65 | €38,325 | €29,717 | -€8,608 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €142,849 | -€66,556 | -€209,404 | |
| Income taxes | 67/77 | €51,362 | €380 | -€50,982 | -99.3% |
| Profit (loss) for the period | 9904 | €91,486 | -€66,936 | -€158,422 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,486 | -€66,936 | -€158,422 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.